1999-04-09: Press Statement issued by Dr Chris Stals Chairman of the Committee of SADC Central Bank Governors
Last Modified Date:
2020-10-08, 08:16 PM
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The Committee of SADC Central Bank Governors held its eight meeting in Swaziland on 9 April 1999. The meeting was attended by 13 of the 14-member central banks, as well as representatives from the Finance and Investment Sector Co-ordinating Unit (FISCU), the SADC Secretariat, the SADC Banking Association and the Committee of Stock Exchanges in SADC. The Committee discussed the impact of the global financial crisis on exchange rate policies in SADC member countries. In addition, views on the effect of the increasing volatility in international capital flows on the economies of SADC member states, in the face of financial liberalisation, were exchanged.Each central bank gave a review of its status regarding Year 2000 readiness and progress made in establishing National Year 2000 committees in their respective countries. Several workshops aimed at capacity building, addressing the Year 200 problem and enhancing awareness of emerging technologies and new business practices, are scheduled for the next several months. The meeting also reviewed progress made with existing projects and initiatives, including the development and automation of statistical database; payments, clearing and settlement systems; the training of central bank officials and the legal and operational frameworks of SADC central banks. In addition, progress on the latest projects and initiatives, namely the role of SADC central banks in the operations and development of money markets and interaction in the area of central bank protective services in the region, was also reviewed. Autonomous SADC substructures such as the Committee of Stock Exchanges and the Banking Association, which liaise with and report to the SADC Ministers of Finance through the Committee of SADC Central Bank Governors, submitted progress reports in their respective areas. Efforts taken by these structures to foster and promote regional co-operation were noted. A progress report outlining the activities of East and Southern Africa Banking Supervisors Group (ESAF), was also submitted.The Committee of Governors further noted progress with the drafting of the Finance and Investment Sector Protocol for the SADC region.The Committee of Governors paid tribute to Dr Stals, who will be retiring in August 1999, for his contribution to the establishment of the Committee of Central Bank Governors in the Finance and Investment Sector of SADC. As Chairman of the Committee since its inception in 1995, he has been a major driving force for closer co-operation in the SADC region.The Committee had an audience with His Majesty King Mswati III of Swaziland. The Committee congratulated the Central Bank of Swaziland on the celebration of its 25th Anniversary.The Committee's next meeting will be held in South Africa on 13 October 1999.